You can upload your project file, allocate tasks to individuals and they can then log their timesheets online. The timesheet data is linked directly with your project schedule so you don't have to do anything more.

You can use the Automated Time Reporting Tool which will allow you to automate tasks from and to MSP. You can export MSP resource tasks (time report) and feed actual's back into MSP without any infrastructure and straighforward with limited cost. Check out www.crologics.com